Technical analysis: Will brent quotes grow?

Dmitry Lukashov IFC Markets

Indicator	Value	Signal
RSI		Buy
MACD		Buy
Parabolic SAR		Buy
Fractals		Buy
MA(200)		Neutral
Bollinger Bands		Neutral

Chart Analysis

On the daily timeframe, Brent: D1 is trying to correct upward after a powerful decline. A number of indicators of technical analysis formed signals for a further increase. We do not rule out a bullish movement if Brent rises above its last maximum and psychological level: 35. This level can be used as an entry point. The stop loss is possible below the last lower fractal, the lower limit of the neutral range, the 18-year minimum and the Parabolic signal: 24.5. After opening the pending order, we move the stop loss following the signals of Bollinger and Parabolic to the next fractal minimum. Thus, we change the potential profit / loss ratio in our favor. After the transaction, the most risk-averse traders can switch to a four-hour chart and set a stop loss, moving it in the direction of trend. If the price overcomes the stop level (24.5) without activating the order (35), it is recommended to delete the order: market sustains internal changes not taken into account.

Fundamental Analysis

On April 6, 2020, an extraordinary OPEC + meeting is to be held to limit the oil production. Will Brent quotes grow?

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Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

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